2025 (3) TMI 1852

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ssuance of a notice under Section 148 of the Income Tax Act and in Ground No. 2 assessee has challenged confirmation of addition amounting to Rs. 31,36,744/- which was added by the AO with the aid of Section 68 of the Income Tax Act and confirmed by the CIT(A). 2. The brief facts of the case are that according to the assessee, he has filed his return of income on 20.06.2012. The copy of the return is available on page No. 1 and page No. 3 to 37. The AO has harboured the belief that assessee has not filed the return and he has deposited a sum of Rs. 38,19,800/- in cash in a bank account with Punjab National Bank. He recorded reasons and issued a notice under Section 148 of the Income Tax Act. The copy of the reasons recorded by the AO are....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f income was filed for the year under consideration but no Scrutiny assessment u/s 143(3) of the Act was made. Accordingly, in this case, the only requirement to initiate proceeding u/s 147 is reason to believe which has been recorded above. It is pertinent to mention here that in this case the assessee has filed return of income for the year under consideration-but no assessment as stipulated u/s 2(40) of the Act was made and the return of income was only processed u/s 143(1) of the Act. In view of the above, the provisions of clause (b) of Explanation 2 to section 147 are applicable to facts of this case and the assessment year under consideration is deemed to be a case where income chargeable to tax has escaped assessment. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on a presumptive taxation (44AD) and therefore, no addition is required to be made. 5. The appeal to the CIT(A) did not bring any relief to the assessee. 6. Before me, ld. Counsel for the assessee reiterated his submission as were raised before the CIT(A) qua inherent lacuna in harbouring the belief that income has escaped assessment. He further relied upon the order of the ITAT passed in ITA No. 272/CHD/2024 in the case of Society of Education and Research. He also relied upon the order of the ITAT in the case of Parveen Kumar Mittal ITA 22/CHD/2021. On the other hand ld. DR relied upon orders of Revenue Authorities. 7. A perusal of the reasons (extracted supra) would reveal that in paragraph No. 2 of these reasons, AO has specif....